Wall Street: Viva Las Vegas

By David McKee ~ July 29th, 2014 @ 3:41 pm No Comments »

cards-casino“Results could be lackluster, even if more states allow casinos, as is the case in Ohio, which we estimate cannibalized roughly one-third of its revenues from surrounding states.”  So wrote Fitch Ratings Service analyst Michael Paladino, assessing the gaming industry’s national prospects. They’re not good — but there’s a silver lining. Demand in Las Vegas continues to grow — heck, the North Strip is coming back to life — even as regional markets tank. They’re forecast to decline as much as 5% over the next year and a half.

These numbers are putting some truth into the cliche that regional, ‘convenience’ casinos can never compete with Continued >>

Flake-ing out over tribal gambling

By David McKee ~ July 29th, 2014 @ 2:46 pm No Comments »

It must be nice to have two U.S. senators at your beck and call. That’s the case for tribal opponents of the Tohono O’odham Nation casino proposal. Sens. John McCain and Jeff Flake (R-AZ) are introducing a United_States_Capitol_west_frontbill that would make it illegal for a tribe (read: Tohono O’odham) to have a casino on land not contiguous with a pre-existing reservation. You might expect to ask what the tribe is expected to do with the once-arable land that was literally wiped out by Painted Rock Dam on a regular basis. In 1986, Congress allowed the Tohono O’odham to sell the ruined 9,800 acres and seek land elsewhere.

“Elsewhere” turned out to be a chunk of acreage that juts into Glendale. Other tribes didn’t see it coming because the Tohono O’odham used a front — Rainier Resources — to compile Continued >>

Hawkeye State showdown

By David McKee ~ July 28th, 2014 @ 12:37 pm No Comments »

That Iowa Racing & Gaming Commission keeps going from the frying pan to the fire. Former Linn County attorney Gene Kopecky is suing the regulatory body for an unfair restraint of trade. His action is prompted Cedar Crossingby the denial of a license in Cedar Rapids due to fears of canibalization. That’s outside the IRGC’s purview, argues Kopecky, who contends that licenses are granted for an individual county not a specific site (a tenuous argument in this site-specific case). “Following possible appeals, the decision would not throw out the IRGC’s rejection of the Cedar Rapids casino project, but Kopecky hopes it would spur a group to re-apply.”

The IRGC did not help its case by promptly following up the Cedar Rapids denial with Continued >>

Would you let this man rob your casino?

By David McKee ~ July 28th, 2014 @ 10:53 am No Comments »

ChahineDespite 14 arrests for cheating at a couple dozen Las Vegas casinos, the Nevada Gaming Control Board never saw fit to nominate hall-of-fame cardshap Jubreal Chahine for inclusion in the Black Book, not even after it publicly characterized him as “a frequent cheater.” Chahine must have thought he had some guardian angel looking out for him. His favored forms of trickery involve jiggery-pokery with chips, like past-posting, where you slip a bet onto the felt after the cards have been dealt or the dice have stopped rolling. (Doesn’t that douchey look just scream “suspicious”?)

“It doesn’t take a whole lot of sleight-of-hand ability. But it does take guts,” Worldwide Gaming Consulting President George Joseph told the New York Times. Whether because he bet small or Continued >>

Further Reading

Wall Street: Viva Las Vegas

Flake-ing out over tribal gambling

Hawkeye State showdown

Would you let this man rob your casino?

Enormous changes at the last minute

Pinnacle pestered; Penn profits; Pokies pilloried

Regulators to Walsh: Not so fast, friend

Great month for the Strip, for Louisiana not so much

Quote of the Day

Penny pinchers; Tribal warfare in New Mexico; Who’s tops in Macao?

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